Societe Generale pulls out of GVK Hancock's long-delayed coal project.

Societe Generale has suspended its involvement in financing a $10 billion coal mine, rail and port project being developed by India's GVK conglomerate and Australian billionaire Gina Rinehart, citing the project's years-long delay.

The French bank's decision is the latest twist for a project originally scheduled to produce coal from 2014, but which has suffered challenges from landowners and green groups, and been complicated by coal prices falling to more than five-year lows.

Developer GVK Hancock said that before seeking financing it is focused on finalising approvals for the project's Alpha coal mine in the Galilee Basin in Queensland, fighting legal disputes against approvals already won, and securing supply agreements.

'We have been working with Societe Generale on a specific element of the financing arrangements for our projects, but are not currently working on that specific work package and as such do not require their services at this time,' GVK Hancock said in an emailed statement.

HBL